Understanding How Money & Mental Health Are Linked
Our finances and our mental health impact each other, but how exactly are they linked? ASIC partnered with beyondblue to draw national attention to the connections between money and mental health. Heartward delivered this foundational social research, helping to drive positive, evidence-based changes in both the financial and mental health fields.
Heartward’s Money and Mental Health social research was iterative, commencing with an evidence review, then analysing a national longitudinal data set, and finally conducting lived experience primary research and co-creation workshops with key stakeholders.
“Our multi-faceted research design leveraged existing knowledge sources to balance the need for a sound evidence base, with minimising risks of harm to vulnerable audiences.”
The findings confirmed anecdotal and overseas evidence: that people experiencing financial challenges face a range of mental health impacts, and that mental health challenges can negatively impact finances, which can have severe and lasting impacts for Australians from all walks of life. Our research also demonstrated that positive impacts in one area can have positive reciprocal impacts in others, facilitating recovery and wellbeing.
Our work brought into clear focus the lived experience of people who have faced financial and mental health challenges. Using their own words and narratives, the research illustrated the profound reciprocal impacts of these challenges on people’s lives, including shame that inhibits help seeking and arises from stigma that persists in Australian society about financial and mental health challenges.
While financial and mental health challenges are experienced across the lifespan, the research also found that young adults, women, First Nations people and small business owners are more vulnerable to experiencing the reciprocal impacts of financial challenges and mental health issues.
Based on research evidence, Heartward devised a new lens through which to view and understand the factors that determine how and how much financial and mental health outcomes follow from experiences. This lens can be applied by those working in a range of sectors; including government, financial services, and mental health, to review existing supports and develop new ones to improve wellbeing.
The Monday and Mental Health research report was publicly released and reported widely in the media. Beyond Blue has produced associated collateral and is working with other partners to develop new tools and referral pathways to support wellbeing. ASIC is drawing on the findings of the research to inform consumer-facing messaging, including in its Moneysmart resources.